Bitcoin Forum

As of today looks like someone has just made another mistake on sending his/her Bitcoin, s/he has apparently paid around 2.66BTC ($47) in fees to send a 0.01088549BTC ($194) transaction.

Txid

Sources:
[1] https://decrypt.co/48730/bitcoin-transaction-mistake-47k
[2] https://twitter.com/BtcBlockBot/status/1329073154581381130

Holy cow!

Basing up into those input address I do presume its an exchange wallet because its impossible for it to be owned by a single person having 700+ address which had transferred

0.01 btc to a certain address and giving out that $47k total in fees.Miners are really that lucky eh? Mistakes like these do happen due to human error.

Its just odd that exchange doesn't have that automated system on processing transactions?

Probably just someone paying what the Bitcoin wallet "estimates".   ;) ;D ;D

It seems to be an exchange wallet and someone has made an unforgivable mistake. This is probably a lesson for everyone when doing manipulations in the cryptocurrency market, it's best to always check before agreeing.
Although it is difficult, I still hope this money will be returned.

Hmm that makes sense, I didn't realize it has lots amount of input address before you point it out (just doing a quick shoot on that crazy fees) and as you said it seemingly impossible for those addresses to be owned by a personal wallet.

Somehow I doubting that it will be returned  ::)

But even with that, Bitcoin transaction fees are still on the high side. This is one of the downsides of transacting with bitcoin(at the moment).

And do you really think that can happen? I guess never.

Edit: I just looked it up on the blockchain and, if the person is kind hearted, he may return it. However, humans are naturally greedy. My solicitude to the owner.

The BTCitcoin transaction fees are high but most of the time if you have the patience you can send with lower fees and i was able to sent with just 17 SAT/B and it got confirmed within half an hour. Sure there are times the mempool is full but sometimes it comes down drastically as well.


You can hope that the miner will return a portion and i remember a similar instance in the past where the miner returned a percentage if i remember correctly.

He is one among the luckiest miner. Yeah, lets hope for the refund from the miner. We don't know for what purpose the fund is being transferred. Maybe this could be the users saving for a much longer time period. Whomsoever, it is a learning that we must always cross check the receiver bitcoin address, quoted transaction fee and transaction amount before making the transaction.

i don't think it will be returned. even solo miner will not return it. not even a pool.

they wasted energy to keep mining transactions, they continue to do so when BTC price submerge that they hardly can't pay bills. this is just one instance that miners will have to breath good air that they at least get an amount they like. feel sorry for whoever made that mistake though.

You can't do that in other wallets. Most of the online wallets have that option which I believe is bad because you also end up paying much higher/lower fees than the expected transaction fees depending on the network traffic. Always use a transaction fees calculator and pay accordingly. The above case looks like the sender didn't understand the conversion of sats/per-byte while calculating the fees.

750 addresses to one, this is a consolidation of transactions. It has to be an exchange wallet otherwise it would be horrible for privacy. It's probably run by a script, and a bug happened.

I don't think so too.

Whoever made that transaction don't look at the customization of the fee and didn't check the options, amount and size of his transaction. If this was made by an exchange, it isn't that much for them.

But if this was made by an individual, that sucks! a lot of money was wasted due to the fees. I remember the same thing that have made mistake but it's with Ethereum.

What I know is good non-custodial wallets gave people warnings if they use high fees for their transactions. I don't know what happened when the person broadcasted that transaction and terribly ignored warning from the wallet. For their stupid ignorance, they can not blame it on any wallet or anyone else.

Stupid transactions with high fees on Ethereum network occured months ago and Etheremine pool decided to waive the high fee to all of their miners. What bitcoin mining pool that confirmed that transaction will do?

The mining pool is Huobit for the block 657535 (https://blockchair.com/bitcoin/block/657535)

Yeah, I don't think the miners returning as it is not their fault. And I'm sure majority of us checks for the existing transaction fees and adjust accordingly.

It could be an exchange or some gambling site, but what are the chances of those services paying so much fees an making that huge mistakes in payment, they've been doing this for a long time, just weird if they make one costly mistakes specially in this bull run.

Even How generous and honest a Miner is still this is something a Sender must learn because this is cryptocurrency and we must be aware of irreversible transactions so each mistakes must be pay off.

And besides this happens sometimes but we have not hear any claims that there are refunding that be given so Just say Sorry for the sender and Congrats for the miner lol.

That could be a reward for miners. I remember about someone was also mistakenly paying a huge tx fee in altcoin too.
The bitcoin fees will be divided among all of the miners. There's no way to get it back.

I guess, is he putting it manually? I meant when we are using electum or another bitcoin wallet and the fees were automatically calculated.

I think this is the biggest mistake he has ever made for the amount of fees he's incurred, because he doesn't pay attention to the amount of fees he wants to spend on transacting there, this will be no tolerance or refund for the cost mistakes he made because it's not a miner wrong. So for that, consider this as a valuable lesson for all parties who wish to transact to remain careful and always pay attention to the amount of costs that must be incurred so that errors like this do not occur.

how do you know that this is a mistake and not intentional?

i am always skeptical about these cases being a "mistake". all wallets that i have seen already have a good way of warning the user of "absurdly high fees" to prevent mistakes like this one. they look more like bribes to miners or possibly even a money laundry case although a pretty bad one at that.

I was thinking that too. Although, if I wanted to launder money, I wouldn't go through that way no matter my equipment. Maybe they didn't use a simple wallet. Could they possibly do a mistake through the command line?

I agree with pooya87, it could have been a case of money laundering or any other fraudulent activity. Given that block containing this suspicious transaction was mined by unknown miners, it all makes me think it was done deliberately, the transactor had colluded with the miner and sent them a specific transaction.

Researchers Find New Way for Criminals to Launder Money Using Bitcoin (https://decrypt.co/41024/researchers-find-new-way-for-criminals-to-launder-money-using-bitcoin)

Either it was so-called "Exclusive mining" that took place here, or the sender was really uncautious.

Just like what pooya87 said, there could be another reason for it. It's what I was thinking about when I read the article. I mean, how can you be so careless with your coins? Manual fees will be verified before sending the transaction, and I doubt that it's just an "honest" mistake towards it. Unless it's what Blockstream suggests, it's a self-transfer? There would probably no more follow-up on this in the future, and I hope no one gets to make an expensive mistake like that.

It does put the transaction on the radar already when there's a ridiculously high fee. So if some authorities look, they might find a way to launder it or something.

yes, if it was an automated system that was doing something like consolidating the inputs automatically without any human intervention it could be possible to have some sort of bug that led to setting the fees this high.

I kinda agree with that.The cryptocurrency exchanges are working with the coins deposited by their customers so they wouldn't care that much about high transaction fees,since all those coins aren't a property of the crypto exchange owner.However,the crypto exchange owner should "refund" such losses caused by picking a higher transaction fee.
I'm not sure that this is a way to "bribe the miners".What's the benefit for the crypto exchange to bribe some miners?Higher transaction speed?Probably,but I still can't believe this.

This guy is probably trying to hurry up to trade in a exchange, especially that Bitcoin is so volatile right now. Probably trying to catch something and swap transaction fee to transaction amount.

OR maybe it's like pooya87 said, it's probably money laundering too. Bribing doesn't make sense to me, so he's probably trying pay something from that miner (probably for drugs?).

Bribery or money laundering doesn't make sense to me because of the inputs. 750 inputs means 750 ways to track who is doing that. It's an unnecessary risk, when you could first mix these inputs one way or another (mixer, or through an exchange) to get a more reasonable number of inputs, then do the high fee thing. Even then, I don't really see the advantage of doing it that way, just send the inputs to a mixer, give the output (or voucher, even better) to the person you're paying, and that's it.

I stick to my idea that this is a script, probably used by an exchange, that had a bug/isn't coded properly.

edit : OK my bad the laundering part, with exclusive mining, to pass illegal money as mining revenue, is possible. I'm not sure authorities looking at it would really be fooled, though.

But someone can't set transaction fees on exchange, its only automatic, so basically the sender is not in a rush, it would have been the senders mistake if actually in a ruch to set transaction fee in some noncustodial wallets.
Regarding refund, it can only happen if the sender knows any miner to discuss that with.

wow $ 47K !!
This is so scary.
This is a human error. Maybe the person making the transaction is too nervous or maybe sleepy.  ;D ;D
because in my opinion this is purely the person's own fault, I hope that you can be patient in dealing with this.

But that's just too much. Though the owner is to blame for not having looked well, I'd still consider it cruel if the miner takes all the money. Like that's just too much for a human's conscience to me.

This is unmeticulous on the side of.the sender. It appears maybe there was a glitch in the wallet and he didn't check fee but just hit send button. This is frequent in ethereum network when interacting with DAPP. What I do is either customise or just logout and come back again.

Not really much on minding about money laundering on this part where i do saw that it is way too far off to presume with this situation but i cant deny that this is plausible or could really be a reason

but i do highly doubt that this was indeed a mistake by the sender and i do agree into the point that he might made up some swap of transaction amount and the fees that had been set.

Instead of sending 47k he accidentally set it up on the fees which is really a very costly mistake yet we cant be sure if the said miner who do pushed up that transaction would really return those funds
or would be completely lost forever.

The bitcoin fees are high in the curent time but 47 is not a logic amount and its surly a mistake
Its better to double cheek everything before making a transaction because the mistakes cannot be fixed in the crypto transactions

So does it mean that if such mistake happen irrespective the amount or values of the btc the person transacting such can't retrieve he or her btc,so what should be advice to a novice in these type of transactions in case if things of this nature is about to occur via further transactions, i think they should be possible ways to make it to return if it happened.

yes, bitcoin transactions will always remain irreversible. however, the person making the mistake could contact the mining pool and ask if they would be willing to pay him back the fee that was paid by mistake. but that is still a new transaction coming out of the pocket of the pool owner.

use wallets and tools that don't have silly bugs, pay attention to what you do and double check your transactions before broadcasting them.

no there really shouldn't be. anything else would be against immutability of bitcoin.

There is still a chance. At least to split the loss.
Just like what this ethereum user did last year.
https://cointelegraph.com/news/ethereum-user-who-accidentally-paid-365-000-fee-splits-loss-with-mining-pool-sparkpool



Or it was a clue of something? Or they did it for marketing purpose? Maybe.
All speculations are possible about this kind of situation.
The transaction was real, but we won’t know the story behind it.

Of course, it's not funny for the person or company indeed made a mistake but...

https://blockstream.info/tx/3ba0c9eaf3185898164518cda7e3433d1d2049188d737f2b2a7e188aaeb8b4de
https://i.imgur.com/HMhH2nj.png

you have to admit this can make one smile considering what happened.


Pretty suspicious indeed, those outputs were each funded with different transactions but same patterns, I got bored following the funding which took at least two weeks prior to this, at least 30-40 hops for each of them, either money laundering or a tumbling script that went wrong?

I'm not 100 % clear how some wallets are choosing the fee they advise you to take for slow / standard / fast transfer.
But imagine you can "hack" the provider these wallets use for these propositions. At some point users are going to forget checking, and I guess some exchanges probably make this choice automated instead of having manual limits set.

Hard lesson learned for someone.

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I'm too. I'd suppose we are going to know soon enough if someone kindly asks the miner to return those fees. At least on the some occasions they were mistakes on eth since people asked to return the payout...

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He might just be wanting to consolidate inputs...

I'm not all to familiar with how fees are setup in clients, and I usually don't care setting a higher fee, but on this size would it be possible the user was trying to put a decimal fee and confuses the . and , in his client?

If anyone knows here if setting a decimal fee is even possible? (I obviously know you can't divide a sat, but if your tx is 10 vbyte, and you set a 2,5 sat/vbyte fee, that would make a 25 sat fee, of course for it to work there needs to be some rounding somewhere).

There is something hooky in these transactions.

Some kind of laundering trick or something.

They are years old repetitive but what s the trick?

Damn. This is a huge mistake which can make a person desperate. $47k is a tremendous amount which can not easily be collected. And there is no way miner will refund those money. Which wallet is the prepetrator? Or he just simply mistype?

I have never made any such mistake like that. Be responsible for your money

We can't deny sometimes we just keep clicking yes or okay when we do transactions that cause sometime this mistake or loss whenever we don't read or check the inputs given by the system, the were times I only noticed the fees once the transaction is done, luckily its not that big as $47.

1- Block rewards & fees are "clean money".
2- you can "privately" mine any transaction, including your own that you wouldn't have broadcasted. Once you are first on a block you publish it with your transaction and you "keep" the fees, and have a lot of "clean" bitcoin :)

I guess if the mistake is that huge you can involve lawyers and attack the mining pool, then try and negotiate something like that. Not sure it would be worth it for 2,5BTC though, these damn lawyers are expensive.

i tried to go through the input/outputs but couldn't make any solid conclusion. i think the "tumbling script gone wrong" is a pretty good guess though.

it is not possible to say without knowing the tool that was used to create, sign and broadcast this transaction. if this was done manually using any of the good wallets they would have received a warning and possibly even were prevented from sending the transaction with such high fees. however, if the wallet was terrible and had dumb bugs it is possible to see such issues.

but bugs like this are more possible in automatic systems where a script signs and broadcasts the tx itself.

People should always verify transactions before sending as they already know the technology is irreversible and no one can return or recall the transaction for them adn it is also not for these kind of conditions that a 51% DOS attack can be initiated. If one is pretty new, he should consult people who are knowledgeable in the technology.

Things might happen in cryptocurrency. Better to be cautious always by doing transactions to avoid mistakes as much as possible. Once the token sent to a wrong address, it is not reversible. Anticipation is better than impulsive actions. I think, in that case the sender did it intentionally.

i see so it isnt an accident but they are doing this for a reason . it was like cleansing the coins simillar to what can a mixer do but can this be better than using a mixer ? but the steps looks complicated and need to be an advanced users for someone to initiate it .

i think this was the second time i witness a trick like this and that was from eth before where sender also send millions worth of eth  .

I'm wondering if setting high fees on purpose would be a good way to actually tumble funds. After all you can still follow the fee to the miner, right?

Like what some says it is a Exchange wallet and maybe confident about all the transactions they did in the past so wasn't checking the fee every sending.

Good for the Miner that this happen so income is just there without doing nothing  ::)

Hope that the miner has a good heart and send back at least Half of the mistaken fee though i doubt that there is happening like this.

So no one here yet has the solid conclusion about what happened to this transaction? Can we trace the address to exchange wallet and identify which exchange is the culprit? Because when I first read the OP, what I thought was the first speculation of pooya that this might be intentional, for whatever reason. And so, in my mind, this is not a mistake.

lmao

i just made a trade paying 1 sat/B fees.

This is very sad to know there are so many new people in this industry who are doing first time transaction using bitcoin so that's why they are making mistakes like this one I will highly recommend to learn sending and receiving bitcoin before making actual one

There is some people are making mistakes about the fees they are confuse maybe on tht they when they send a coin.
But the fees is very high amount count to hink of it you pad few bitcoins for the few amounts of dollars .
I hope no more sender will do mistakes about transaction fees because we are talking about huge money once you do a mistake it will never you get that again .

So for some posts related to this in the past that i thought it is a mistake,now it is clear that all is intentional?how great these people are of either bribing or laundering the money pretending to be a mistake considering that this transaction comes from exchange.
it is not a newbie in transacting and if you will only read the first page of this thread you will find suspicious activities behind this transactiob.